Restricting and discouraging the use of cash, has always been a goal of the 'rulers' as a means to reduce individuals’ independence
and removes anonymity of using cash in private transactions
So who gains from a cashless society
The banks,
of course, will be charging as many fees as they can think of. More importantly, your cash card leaves a wide data trail detailing your buying preferences,
used by merchants and advertisers to entice you into more buying. How convenient.
These thoughtful companies even offer reward points every time you use the card.
Cash offers the ultimate in privacy. Your cash card might as well be a walking billboard.
The government,
of course, is extremely interested in your spending habits. The taxing authorities use an electronic money trail to monitor your spending
and ensure against tax evasion and crime prevention/unlawful acts.
In addition, cards save the government the cost and trouble of printing and storing additional currency.
large corporations,
Your electronic purchase trail is nirvana to corporations. Knowing your spending habits allows them to customize their ads
to an ever-larger consumer base. They know what you need before you do and are ready to entice you with specials, sales and “act now” deals.
And not only the privacy concerns , but what also should be of major concern is fraud
cashless / electronic accounts represent a significant, and ever expanding in scope and size threat of cyber attacks and cyber crime.
In 2015 the UK contributed 43% of the total card losses seen across Europe. Losses through card fraud totalled £88.5 million,
attributed to the ‘growth in online spend and the digital revolution’ .
Credit card fraud and attacks on food and beverage transactions climbed by 116% (yoy) in the last quarter, according to the Global Fraud Attack Index.
This can happen in a number of ways: skimming, when your card is physically scanned by the thief this could be sergi ,winston or marge the whore ;
if your card is contactless enabled then a close-range scanning device will do the trick !;
and, do you think you’re so techie because you pay on your mobile? Well, look out for the near-field communication (NFC) devices that are an easy target to hack by criminals.